All Forum Posts by: Joe Norman
Joe Norman has started 15 posts and replied 1211 times.
Post: Uptick in Subject to mortgages? What are the key considerations?
- Property Manager
- Baltimore, MD
- Posts 1,247
- Votes 1,106
Quote from @Jay Hinrichs:
It's an excellent way to buy with no money down.
It's an excellent way to buy with no money down.
I was under the impression that the Assumer still had to pay the difference between the purchase price and the loan principal to the Seller (i.e., sometimes a large downpayment). Can you elaborate on how one does a Subject-To deal without any money down? (I've never done a subject-to deal and am by no means an expert - just looking to learn!)
very simple answer is most sub too deals wont have much equity to give the seller so therefor the downpayments are either nothing or very little.
Or, put another way, the home has to have minimal equity for sub-to to make sense - is that accurate?
Post: Uptick in Subject to mortgages? What are the key considerations?
- Property Manager
- Baltimore, MD
- Posts 1,247
- Votes 1,106
Quote from @Shiela R.:
It's an excellent way to buy with no money down.
I was under the impression that the Assumer still had to pay the difference between the purchase price and the loan principal to the Seller (i.e., sometimes a large downpayment). Can you elaborate on how one does a Subject-To deal without any money down? (I've never done a subject-to deal and am by no means an expert - just looking to learn!)
Post: What has helped you guys gain confidence as an agent?
- Property Manager
- Baltimore, MD
- Posts 1,247
- Votes 1,106
Build and track your pipeline of upcoming deals. When I get in a "low" spot I just go back to that and remind myself that the deals are there, I just need to nurture them. Good luck!
Post: How do I make my LLC into a brokerage?
- Property Manager
- Baltimore, MD
- Posts 1,247
- Votes 1,106
Since you will be getting an agent's license, and working under a broker, it will be really up to them. While you're interviewing different brokers (which you absolutely should do), be sure to ask them how they would handle this situation. Do they even allow property managers to work under them? If so how do they handle PM's trust accounts - do they need to be with the broker's bank and under the broker's name? Does the broker have to have access?
Some brokers will be very comfortable with PMCs, others won't touch them with a 10' pole. You need to go to the source and ask them. Good luck!
Post: Rookie soon to be Real Estate Investor
- Property Manager
- Baltimore, MD
- Posts 1,247
- Votes 1,106
If you are looking at a 4 unit in Baltimore for $2.5M then its probably not a deal...
Post: Need advice on first investment property
- Property Manager
- Baltimore, MD
- Posts 1,247
- Votes 1,106
As others have said, don't force it. This property just may not be a strong candidate for positive cashflow (especially if you put 0% down).
Post: I'm renting out my property. Should I add it to the MLS?
- Property Manager
- Baltimore, MD
- Posts 1,247
- Votes 1,106
Quote from @Wells Kornik:
Thank you @Isabela Faria-Newell - It is long term. I started managing quite a few homes and want to ensure Im maximizing visibility of the listings, hence my question. Per @Michael Dumler's answer (Thanks a lot @Michael Dumler), it seems listing them in the MLS will definitely help. I will just need to share part of the commission. Do you guys happen to know much do I need to give the tenant's agent if my client is giving me 50% of the first month?
"want to ensure Im maximizing visibility of the listings" -> if maximum visibility is what you want for your client's listings (which should be what you want) then absolutely it should go on the MLS.
Post: New to flipping: Tring to find a lender and a contractor
- Property Manager
- Baltimore, MD
- Posts 1,247
- Votes 1,106
Most contractors do not know the flipping business, I would not recommend calling off a BBB list. Get referrals for contractors who have experience working with investors by attending local REI meetings or calling Realtors who do a lot of flip transactions in your area.
Post: Investing in DC Area on Limited Budget - Pipe dream?
- Property Manager
- Baltimore, MD
- Posts 1,247
- Votes 1,106
Quote from @Melissa Wilson:
I think I'm leaning towards Baltimore since it's affordable and still drivable. @Joe Norman @Tim Jacob do you all know any good PMs in Bmore?
@Aj Parikh I will message you, I have considered Detroit since I have ties there, but it's a high risk market that is block by block and would be tough for out of state. Haven't considered other parts of Midwest though.
Yes, I'll shoot you a PM!
Post: Tenant security deposit
- Property Manager
- Baltimore, MD
- Posts 1,247
- Votes 1,106
You will learn a LOT on your first property. Biggest thing I can suggest is to make sure your lead certs and rental licenses are in order. Your tenants may be wonderful now, but if/when something goes wrong you'll want to make sure all your paperwork is in place.
Good luck!